2 - ICO Approaches

When discussing blockchains, the term “protocol” is typically used to refer to the set of cryptoeconomic rules that maintain distributed consensus across a peer-to-peer network. In this sense of the term, there is one protocol per blockchain and one native token per protocol (with a few exceptions). However, blockchain consensus isn’t the only use case for cryptoeconomic protocols. More generally, cryptoeconomic protocols create financial incentives that drive a network of rational economic agents to coordinate their behavior towards the completion of a process.

Protocol -> Model -> Approach

We decided that the term "ICO protocol" is too strict. In many articles, the term "ICO model" is used instead. However, we prefer "ICO approach" as this document focuses more on providing diverse real-world examples, then on strict classification. Remember, many properties of these approaches can be combined.